ECB paper calls for EU-wide bond-issuing agency

Euro sign, Frankfurt

A working paper published by the European Central Bank (ECB) argues the case for establishing a European Union-wide bond-issuing authority that would work in concert with the ECB.  

In Monetary-fiscal interactions and the euro area’s malaise, Marek Jarociński and Bartosz Maćkowiak present a simple, non-linear, dynamic general equilibrium model in which multiple equilibria can arise when policy rates are at the lower bound.

Their model, the authors write, “mimics the recent euro area data

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